ABILISHEALTH MANAGEMENT, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match
ABILISHEALTH MANAGEMENT, INC. RETIREMENT SAVINGS PLAN Contribution & Employer Match
ABILISHEALTH MANAGEMENT, INC provides the following retirement savings benefits to its employees:
ABILISHEALTH MANAGEMENT, INC. RETIREMENT SAVINGS PLAN Estimated Average Employee Contribution Amount
33,436.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 522.00 in ABILISHEALTH MANAGEMENT, INC. RETIREMENT SAVINGS PLAN, assuming a 10%* annual return.
2023 & 2024 401(k) contribution limits by IRS
| Pretax and roth employee contributions | Employee and employer contributions combined | Catch-up contributions (in addition to the employee and employer combined limit, age 50 and over) | |
|---|---|---|---|
| 401(k) contribution limit for 2023 | $22,500 | $66,000 | $7,500 |
| 401(k) contribution limit for 2024 | $23,000 | $69,000 | $7,500 |
$1,440,056: this is the amount you will have saved 20 years later if you contribute the maximum of $22,500 annually for 20 years, assuming a 10%* annual return.
$4,224,165: for those who can maximize employee and employer annual $66,000 contributions for 20 years, assuming a 10%* annual return, you will be 3 times richer!
Use the 401(k) Savings Calculator to determine how much your contributions will accumulate over time.
Employer match in ABILISHEALTH MANAGEMENT, INC. RETIREMENT SAVINGS PLAN
An employer match is deemed as ‘free’ money wherein your employer contributes additional funds to your allocated retirement savings plan. The matching amount can frequently be several percentage points of your compensation. Don’t avoid this free salary ‘raise’.
ABILISHEALTH MANAGEMENT, INC. RETIREMENT SAVINGS PLAN Total Employer Contribution and Match Rate
ABILISHEALTH MANAGEMENT, INC. RETIREMENT SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $222.00 for 20 years would give you extra $14,228.00, assuming a 10% annual return.
ABILISHEALTH MANAGEMENT, INC. RETIREMENT SAVINGS PLAN Contribution & Match Policy
1. Employee Contribution Rates: Participants could voluntarily contribute up to 100% of eligible compensation prior to January 1, 2021, and were limited to 92% of eligible compensation starting January 1, 2021.
2. Employer Match/Contribution Conditions: Participants must have completed 1,000 hours of service during the Plan year and be employed on December 31st to receive an allocation of any Plan Sponsor contributions prior to July 1, 2020. Post July 1, 2020, participants became eligible for contributions after 6 months of service, with the requirement to be employed on December 31st removed.
3. Vesting Schedule/Eligibility: Participants were immediately vested in their elective salary deferral. Vesting in the Plan Sponsor discretionary matching contributions was based on years of service: 25% vested each year, becoming 100% vested after 4 years of continuous service.
4. The Plan allows for after-tax contributions; Roth 401(k) contributions are not specifically mentioned.
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